prudential

prudential - Uncovering implicit customer needs for...

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1 Uncovering implicit customer needs for e xplicit product positioning : Growing Prudential Annuities’ Variable Annuity Sales Jac Herschler SVP and Head of Business Strategy, Prudential Annuities V. Kumar Lenny Chair Professor Denish Shah Assistant Professor
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Copyright © Dr. V. Kumar 3Q 2009 Asset Rankings ($ millions) 1) Source: VARDS 3Q’09 report. Advisor-sold, excludes group/retirement plan contracts. 3Q09 Variable Annuity Assets Under Management (1) $36,023 $46,554 $47,935 $51,387 $52,166 $54,518 $56,586 $74,554 $83,324 $86,115 AEGON ING Pacific Life Hancock Ameriprise Lincoln AXA Prudential Hartford MetLife 2 Prudential is one of the leading providers of Variable Annuities Withdrawal-Based Lifetime Income Guarantees Now the “Norm” Prudential Financial: Assets under management: $641 Billion (09/30/09) Approx. 41,000 employees in 37 countries (Dec, 2008) Businesses: Life Insurance, Annuities, Retirement-related Services, Mutual Funds, Investment Management, Real Estate Services
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Copyright © Dr. V. Kumar Variable Annuities(VA) : Popular retirement investment product. A VA is a combination of an insurance contract and a financial investment. Market flooded with VA products Over 1000 VA products from 100+ companies Project Background 3 Offers protection against certain risks such as longevity risk & sequence risk Earns a monetary return
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Copyright © Dr. V. Kumar Project Team Composition 4 Project Execution Marketing Communications June Amori Tom Winer Marketing Research Lee Haydon Academic Researchers Dr. V Kumar Dr. Denish Shah Business Strategy Jacob M Herschler Corporate Communications /Legal Lisa Bennett
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Copyright © Dr. V. Kumar Research Motivation 5 KEY OBJECTIVE Grow Prudential’s VA business POTENTIAL OPPORTUNITY Behavioral Risk* not effectively communicated by competitor firms KEY CHALLENGE How to leverage the concept of Behavioral Risk? *Risk of emotionally driven behavior adversely affecting one’s investment decisions. KEY SEGMENT Investors in the Retirement Red Zone®
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Copyright © Dr. V. Kumar Leveraging the concept of Behavioral Risk POTENTIAL PROBLEMS Risk theories get complicated Executed at aggregate customer level Easy to replicate by competitors 6 Buy this VA. It will also protect you from Behavioral risk. Conventional Marketing Approach Financial Planner Investor
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Proposed Approach: 7 A Framework for Uncovering Implicit Needs for Customized Product Positioning Copyright © Dr. V. Kumar
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Copyright © Dr. V. Kumar Blending Marketing Theory, Research & Science 8 Marketing Theory & Research Marketing Science Key Stages of the Framework Uncovering the implicit needs
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This note was uploaded on 02/22/2012 for the course CSR 309 taught by Professor Staff during the Fall '08 term at Purdue.

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prudential - Uncovering implicit customer needs for...

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